§ 2864. Tax exemptions of limited-profit nursing home companies. The
real property in a project of a limited-profit nursing home company
shall be exempt from all local and municipal taxes, other than
assessments for local improvements, to the extent of the value of the
property included in any such project as represents an increase over the
assessed valuation of the real property, both land and improvements,
acquired for the project on the date of its acquisition by the
limited-profit nursing home company. The tax exemption shall operate and
continue so long as the mortgage loan by the New York state housing
finance agency or the New York state medical care facilities finance
agency, as the case may be, to the limited-profit nursing home company
is outstanding but in no event for a period of more than thirty years,
commencing in each instance from the date when the limited-profit
nursing home company first acquired such property. If a project
qualifying for a tax exemption pursuant to this section is sold, with
the approval of the commissioner, to another limited-profit nursing home
company, such successor company shall be entitled to all the benefits
granted by this section. In the event that such sale is to a non-profit
nursing home company, such successor company shall be entitled to all
the benefits provided by section four hundred twenty-two of the real
property tax law. Local and municipal taxes, for the purposes of this
section, shall mean taxes levied by a county, city, village, town,
school and special district but shall not include assessments for local
improvements.